Introduces students to the concepts and practice of auditing, the way the profession has developed and the way the profession is meeting current business and social needs. In addition, the use of statistical techniques and EDP systems in auditing will be reviewed.
This unit comprises an introduction and four modules, and is based on a 120-hour workload for the student. The list below shows in brackets, the recommended number of weeks for the Introduction and each module as well as content for each module: Introduction and perception (1 week).
Module 1: Overview, client acceptance and evidence (3 weeks) Overview Ethics, legal liability and client acceptance Evidence and workpapers
Module 2: Planning and sampling (3 weeks) Understanding the client (what to look out for) Assessing audit risk and materiality (using what you find) Types of procedures and sampling
Module 3: Execution, controls and substantive strategy (4 weeks) Understanding (the design of) internal controls Testing internal controls operate effectively Significance of substantive procedures Testing transactions and balances
Module 4: Concluding and reporting (1 week) Completing the audit, documentation and reporting the audit opinion
Unit Learning Outcomes express learning achievement in terms of what a student should know, understand and be able to do on completion of a unit. These outcomes are aligned with the graduate attributes. The unit learning outcomes and graduate attributes are also the basis of evaluating prior learning.
Learning outcomes and graduate attributes
GA1: Intellectual rigour,
GA3: Ethical practice,
GA4: Knowledge of a discipline,
GA5: Lifelong learning,
GA6: Communication and social skills,
GA7: Cultural competence
|On completion of this unit, students should be able to:||GA1||GA2||GA3||GA4||GA5||GA6||GA7|
|1||discuss the meaning and nature of auditing and assurance services||Knowledge of a discipline||Lifelong learning||Communication and social skills|
|2||identify and apply key auditing standards, ethical and quality control requirements for audit and assurance engagements||Intellectual rigour||Ethical practice||Knowledge of a discipline||Lifelong learning|
|3||analyse and evaluate the significance of materiality and risk to the steps in the audit process for gathering evidence||Intellectual rigour||Knowledge of a discipline||Lifelong learning||Communication and social skills|
|4||discuss the importance of internal controls and computers to the audit process||Knowledge of a discipline||Lifelong learning|
|5||identify and apply various audit sampling methods||Knowledge of a discipline||Lifelong learning|
|6||apply and evaluate the use of different types of audit opinions on financial reports.||Intellectual rigour||Ethical practice||Communication and social skills|
- This text contains the Australian Auditing Standards referred to throughout the unit. The 2013 edition is also acceptable: Kemp, S, 2014, Auditing and Assurance Handbook 2014, John Wiley & Sons Ltd, Milton, Queensland.
- This text is integral to your learning with at least 50% of activities being derived from the case study: Trussel, J & Frazer, JD, 2012, The Lakeside Company: Case Studies in Auditing, 12th edn, Prentice Hall, Upper Saddle River, NJ.
- This text is referred to and used throughout the unit: Moroney, R, Campbell, F & Hamilton, J, 2013, Auditing: A Practical Approach, 2nd edn, John Wiley & Sons Ltd, Milton, Queensland.